Filing Analysis
Neostellar Capital Corp. filed an 8-K to announce its financial results for the fiscal quarter ended June 30, 2026. The filing serves as a formal notice that a press release containing these results has been issued.
📋 Key Facts
- Company announced financial results for the fiscal quarter ended June 30, 2026.
- Results were released via a press release dated August 5, 2026 (Exhibit 99.1).
- The information provided under Item 2.02 is 'furnished' rather than 'filed', limiting liability under Section 18 of the Exchange Act.
Neostellar Capital Corp. (formerly SuRo Capital Corp.) has transitioned to an externally managed Business Development Company (BDC) structure, entering into advisory and administration agreements with entities jointly owned by company officers and Magnetar Holdings LLC. Additionally, the company issued a $20 million redeemable promissory note to an affiliate of Magnetar Holdings LLC.
🚩 Red Flags
- Related-party transactions: The new Adviser and Administrator are controlled by company officers and Magnetar Holdings LLC.
- Significant related-party debt: $20 million note issued to an affiliate of the management/adviser group (Magnetar).
- Potential dilution risk: The Note includes a mandatory redemption feature via common stock issuance upon a 'Qualified Fundraising' event.
📋 Key Facts
- Effective Date: July 15, 2026.
- New Investment Advisory Agreement with Neostellar Advisors LLC (jointly owned by certain officers and Magnetar Holdings LLC).
- Base management fee set at 1.75% per annum of gross assets.
- Incentive fee structure includes a hurdle rate of 7.00% annualized on net investment income and capital gains.
- Entered into an Administration Agreement with Neostellar Administrative Services LLC (an affiliate of the Adviser).
- Issued a $20,000,000 redeemable promissory note to MCP Investing LLC (an affiliate of Magnetar) on July 16, 2026.
- Note interest rate is 6.50% per annum, with step-up provisions if senior debt is incurred or in event of default.
Neostellar Capital Corp. released preliminary Q2 2026 financial estimates and an update on its investment portfolio. The company reported a preliminary Net Asset Value (NAV) per share between $13.25 and $13.75.
🚩 Red Flags
- NAV per share shows a downward trend from March 31 ($14.24) to the estimated Q2 range ($13.25-$13.75).
📋 Key Facts
- Preliminary NAV for Q2 ended June 30, 2026: estimated $13.25 - $13.75 per share.
- Total net assets as of March 31, 2026, were approximately $361.6 million ($14.24/share).
- Portfolio consists of 37 companies: 34 privately held and 3 publicly held.
- New investments in Q2 included ClickHouse, Inc. ($9.5M) and Magnetar Opportunity 2025-4 LP ($15.0M).
- Realized proceeds from CW Opportunity 2 LP totaled $6.5 million with a realized gain of $4.6 million.
- Liquid assets (cash and public securities) were approximately $14.7 million as of June 30, 2026.
SuRo Capital Corp. announced a corporate name change to 'Neostellar Capital Corp.' effective July 1, 2026. This includes changes to the company's trading symbols on the Nasdaq Global Select Market.
📋 Key Facts
- Company name changing from SuRo Capital Corp. to Neostellar Capital Corp.
- Effective date of name change: July 1, 2026.
- Common stock ticker changing from 'SSSS' to 'NSLR'.
- 6.00% Notes due 2026 ticker changing from 'SSSSL' to 'NSLRL'.
- Board of Directors approved the name change and amended bylaws; stockholder approval was not required.
SuRo Capital Corp. held its 2026 Annual Meeting and a Special Meeting of stockholders on June 10, 2026. Stockholders approved the re-election of directors, executive compensation, the ratification of CBIZ CPAs P.C. as auditors, and a transition from an internally managed to an externally managed business development company structure.
🚩 Red Flags
- Transition from internally managed to externally managed structure can often lead to increased management fees and potential conflicts of interest.
📋 Key Facts
- Stockholders approved the transition to an externally managed structure via an Investment Advisory Agreement with Neostellar Advisors LLC.
- The Externalization and Advisory Agreement are expected to become effective on or about July 1, 2026.
- Mark D. Klein and Lisa Westley were re-elected to the Board for three-year terms expiring in 2029.
- CBIZ CPAs P.C. was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
- Executive compensation was approved on an advisory basis.
SuRo Capital Corp. announced its financial results for the fiscal quarter ended March 31, 2026. The disclosure was made via a press release furnished as an exhibit to the filing.
📋 Key Facts
- Financial results for the first quarter ended March 31, 2026, were released on May 5, 2026.
- The report was filed under Item 2.02 (Results of Operations and Financial Condition).
- The company has two classes of securities registered on Nasdaq: Common Stock (SSSS) and 6.00% Notes due 2026 (SSSSL).
- The press release (Exhibit 99.1) is furnished and not deemed 'filed' for Section 18 purposes.
SuRo Capital Corp. (SSSS) announced a proposal to transition from an internally managed BDC to an externally managed structure through a joint venture with Magnetar Holdings LLC. The company also provided preliminary Q1 2026 financial estimates, including a net asset value (NAV) per share between $14.00 and $14.50.
🚩 Red Flags
- Related-party transaction: The new investment adviser (Neostellar Advisors LLC) is partially owned by current SuRo Capital employees.
- Structural shift: Moving from internal to external management can sometimes align management incentives away from shareholders, though the company claims cost savings.
📋 Key Facts
- Board approved 'Externalization' to Neostellar Advisors LLC, an entity jointly owned by SuRo employees and Magnetar Holdings LLC.
- Magnetar will invest $20.0 million into the Company as part of the transition.
- Preliminary Q1 2026 NAV estimated at $14.00 to $14.50 per share as of March 31, 2026.
- Proposed base management fee of 1.75% of gross assets, with no incentive fee on the pre-existing portfolio.
- Expected annual expense savings of approximately 0.77% of average total assets compared to the current internal structure.
- Liquid assets were approximately $46.0 million as of March 31, 2026.
- Funded $5.0 million of a $20.0 million commitment to Magnetar Opportunity 2025-4 LP (TensorWave, Inc.) on January 2, 2026.
SuRo Capital Corp. announced its financial results for the fourth quarter and full fiscal year ended December 31, 2025. The results were disclosed via a press release furnished as an exhibit to the 8-K filing.
📋 Key Facts
- The report covers the fiscal quarter and year ended December 31, 2025.
- The filing was made on March 9, 2026, under Item 2.02 (Results of Operations and Financial Condition).
- The company has 6.00% Notes due 2026 (Trading Symbol: SSSSL) registered on the Nasdaq Global Select Market.
- The financial information was 'furnished' and not 'filed' for purposes of Section 18 of the Exchange Act.
SuRo Capital Corp. issued a press release providing preliminary estimates for Q4 and FY2025 results and an update on its investment portfolio. The company also disclosed recent divestments, new capital commitments, and dividend history.
🚩 Red Flags
- Realized loss of $1.0 million on Rebric, Inc. investment.
📋 Key Facts
- Preliminary financial results for the period ended December 31, 2025, are expected to be announced the week of March 9, 2026.
- The company held positions in 35 portfolio companies as of Dec 31, 2025 (32 private, 3 public).
- Realized $9.0 million from CW Opportunity 2 LP and $3.1 million from Forge Global, Inc. during Q4 2025.
- Incurred a $1.0 million loss on Rebric, Inc. (d/b/a Compliable) in Q4 2025.
- Funded $5.0 million of a $20.0 million capital commitment to Magnetar Opportunity 2025-4 LP as of Jan 12, 2026.
- Declared two cash dividends of $0.25 per share in July and November 2025.
SuRo Capital Corp. filed an 8-K to announce its financial results for the fiscal quarter ended September 30, 2025. The filing serves as a formal announcement of the earnings press release.
📋 Key Facts
- Report date: November 4, 2025
- Reporting period: Fiscal quarter ended September 30, 2025
- The company issued a press release (Exhibit 99.1) regarding financial results.
- Information under Item 2.02 is 'furnished' rather than 'filed', limiting liability under Section 18 of the Exchange Act.
SuRo Capital Corp. released preliminary Q3 2025 financial estimates and an investment portfolio update. The company reported a projected Net Asset Value (NAV) between $9.00 and $9.50 per share, representing growth from the June 2025 level of $9.18.
🚩 Red Flags
- Significant remaining ATM capacity ($88M) relative to current net assets suggests potential future dilution.
📋 Key Facts
- Estimated NAV for Q3 ended Sept 30, 2025: $9.00 - $9.50 per share.
- Total common shares outstanding as of Sept 30, 2025: 25,119,091.
- New investments during Q3 included $5.0M in HL Digital Assets Inc. and a $0.3M follow-on to Liquid Death (Supplying Demand, Inc.).
- Realized proceeds from CW Opportunity 2 LP totaled $7.2M with a realized gain of $3.7M.
- The company raised $10.8 million via its At-The-Market (ATM) offering during the quarter.
- Remaining ATM offering capacity is approximately $88.0 million.
SuRo Capital Corp. filed an 8-K to announce its financial results for the fiscal quarter ended June 30, 2025. The filing serves as a formal announcement of the company's quarterly earnings release.
📋 Key Facts
- The filing relates to the fiscal quarter ended June 30, 2025.
- Financial results were announced via press release on August 6, 2025.
- The report includes information under Item 2.02 (Results of Operations and Financial Condition).
- Information provided under Item 2.02 is 'furnished' rather than 'filed' for purposes of Section 18 of the Exchange Act.
SuRo Capital Corp. issued an Investor Presentation on July 9, 2025, to provide updates to shareholders and the public.
📋 Key Facts
- The company released an Investor Presentation dated July 9, 2025.
- The presentation is intended to be posted on the company's website.
- The filing includes forward-looking statements regarding management's beliefs and strategies.
SuRo Capital Corp. released preliminary second quarter 2025 results and an investment portfolio update. The company reported a significant increase in estimated Net Asset Value (NAV) per share compared to the previous year.
🚩 Red Flags
- None identified in this filing.
📋 Key Facts
- Estimated NAV for Q2 ended June 30, 2025: $9.00 - $9.50 per share.
- Comparison: March 31, 2025 NAV was ~$6.66/share; June 30, 2024 NAV was ~$6.94/share.
- Exited position in CoreWeave, Inc., realizing $25.3 million in proceeds and a $15.3 million gain.
- Exited position in ServiceTitan, Inc., realizing $15.9 million in proceeds and a $5.9 million gain.
- New investment: $5.0 million in Plaid Inc. via 1789 Capital Nirvana II LP (4/4/2025).
- Declared a cash dividend of $0.25 per share payable on July 31, 2025.
- Total common shares outstanding: 23,888,107.
SuRo Capital Corp. announced the appointment of Richard Szuch to its Board of Directors, effective July 1, 2025. The board size increased from five to six members with this appointment.
📋 Key Facts
- Board size increased from five to six directors.
- Richard Szuch appointed as a director, effective July 1, 2025.
- Mr. Szuch will serve on the Nominating and Corporate Governance Committee, Valuation Committee, and Compensation Committee.
- The appointment is for an independent director role with terms expiring at the 2027 annual meeting.
SuRo Capital Corp. announced amendments to the employment agreements of its CEO (Mark D. Klein) and CFO (Allison Green), extending their terms through December 31, 2029. The amendments also grant the Board greater discretion over annual bonuses by moving from pre-established limits to target amounts.
🚩 Red Flags
- Executive compensation modification: Shifting from fixed limits to 'target amounts' with 'greater discretion' can increase agency costs and potential for excessive payouts.
- Significant extension of executive terms (3 years) in a micro-cap context may reduce management turnover/freshness.
📋 Key Facts
- Amendment No. 2 to Mark D. Klein's employment agreement effective May 29, 2025.
- Amendment No. 3 to Allison Green's employment agreement effective May 29, 2025.
- Employment terms for both executives extended by three years to December 31, 2029.
- Bonus structures modified from pre-established limits to target amounts at the Board's discretion.
- Annual meeting results: Re-election of Ronald M. Lott and Marc Mazur approved; Say-on-Pay advisory votes approved; Equity Incentive Plan amendment approved; CBIZ CPAs P.C. ratified as auditors.
SuRo Capital Corp. filed an 8-K to announce its financial results for the fiscal quarter ended March 31, 2025. The filing serves as a formal announcement of the quarterly earnings press release.
📋 Key Facts
- Report date: May 6, 2025
- Reporting period: Fiscal quarter ended March 31, 2025
- The company issued a press release (Exhibit 99.1) containing financial results.
- Information under Item 2.02 is 'furnished' and not 'filed' for purposes of Section 18 of the Exchange Act.
SuRo Capital Corp. released preliminary Q1 2025 financial estimates and an update on its investment portfolio. The company reported a projected Net Asset Value (NAV) between $6.50 and $7.00 per share as of March 31, 2025.
🚩 Red Flags
- NAV per share ($6.50-$7.00) is lower than the March 31, 2024 level of $7.17, indicating a decline in value over the trailing year.
📋 Key Facts
- Estimated NAV for Q1 ended March 31, 2025: $6.50 - $7.00 per share.
- Total shares outstanding: 23,551,859.
- Portfolio composition: 37 companies (32 privately held, 5 publicly held).
- Recent major investment: $5.0 million in Plaid Inc. via a special purpose vehicle (1789 Capital Nirvana II LP) on April 4, 2025.
- The company paid a 7% origination fee for the Plaid Inc. investment.
SuRo Capital Corp. has changed its independent registered public accounting firm from Marcum LLP to CBIZ CPAs P.C. The change is a result of the acquisition of Marcum's attest business by CBIZ.
🚩 Red Flags
- None identified; the change is attributed to a business acquisition (Marcum being acquired by CBIZ) rather than auditor disagreement.
📋 Key Facts
- Effective April 3, 2025, SuRo Capital Corp. terminated its relationship with Marcum LLP.
- The company engaged CBIZ CPAs P.C. as its new independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Marcum's audit reports for fiscal years ended Dec 31, 2024 and 2023 did not contain adverse opinions, disclaimers, or qualifications.
- The company reported no disagreements with Marcum regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedures.
SuRo Capital Corp. filed an 8-K to announce the release of its financial results for the fiscal quarter and year ended December 31, 2024.
📋 Key Facts
- The filing pertains to the fiscal quarter and year ended December 31, 2024.
- Results were announced via a press release dated March 11, 2025.
- The company's common stock is listed on the Nasdaq Global Select Market under ticker SSSS.
SuRo Capital Corp. issued $5.0 million in additional 6.50% Convertible Notes due 2029, bringing the total outstanding principal of this series to $35.0 million. The company also released preliminary Q4 and FY2024 financial estimates, noting an estimated NAV between $6.50 and $7.00 per share.
🚩 Red Flags
- Dilution risk due to the issuance of convertible notes which can be converted into common stock at the purchaser's discretion.
- NAV decline: Estimated NAV ($6.50-$7.00) is lower than the Sept 30, 2024 reported NAV of $6.73 (at the high end) and significantly lower than Dec 31, 2023 ($7.99).
📋 Key Facts
- Issued $5.0 million in new 6.50% Convertible Notes due August 14, 2029.
- Total outstanding principal of the 6.50% Convertible Notes series is now $35.0 million.
- Estimated Net Asset Value (NAV) as of Dec 31, 2024: $6.50 - $7.00 per share.
- Net assets at Sept 30, 2024 were $157.4 million ($6.73/share).
- New convertible notes are fungible with existing notes and rank equally.
- Conversion rate: 129.0323 shares of common stock per $1,000 principal amount.
SuRo Capital Corp. issued an Investor Presentation on December 16, 2024, to provide updates to shareholders and the public.
📋 Key Facts
- The company released an Investor Presentation dated December 16, 2024.
- The presentation is intended for investors and will be posted on the company's website.
- The filing includes standard forward-looking statement cautionary language.
SuRo Capital Corp. entered into Amendment No. 2 to its existing At-the-Market (ATM) Sales Agreement, adding Barrington Research Associates, Inc. as an additional agent. This amendment expands the group of agents authorized to sell up to $150 million in aggregate shares under the established ATM program.
🚩 Red Flags
- Continued use of ATM programs can lead to ongoing shareholder dilution.
📋 Key Facts
- Amendment No. 2 to At-the-Market (ATM) Sales Agreement dated November 8, 2024.
- Barrington Research Associates, Inc. added as a new Agent.
- The aggregate offering amount remains capped at $150,000,000.
- As of November 8, 2024, approximately $98.8 million in aggregate shares remained available for sale under the program.
SuRo Capital Corp. filed an 8-K to announce the release of its financial results for the fiscal quarter ended September 30, 2024.
📋 Key Facts
- The filing is a standard announcement of quarterly earnings (Item 2.02).
- Results pertain to the fiscal quarter ended September 30, 2024.
- The company's common stock trades on Nasdaq Global Select Market under ticker SSSS.
SuRo Capital Corp. issued $5.0 million in additional 6.50% Convertible Notes due 2029, bringing the total outstanding principal of this series to $30.0 million. The company also released preliminary Q3 2024 results and an investment portfolio update.
🚩 Red Flags
- Significant realized losses on investment exits (e.g., $6.8M loss on SPBRX, Inc.).
- NAV per share estimate ($6.50-$7.00) is lower than the June 30, 2024 reported NAV of $6.94/share.
- Continued issuance of convertible debt which may lead to future dilution for common shareholders.
📋 Key Facts
- Issued $5.0 million in additional 6.50% Convertible Notes due August 14, 2029.
- Total aggregate principal of the 6.50% Convertible Notes is now $30.0 million.
- Estimated Net Asset Value (NAV) for Q3 ended Sept 30, 2024, is between $6.50 and $7.00 per share.
- Made significant investments in OpenAI Global, LLC ($17.5M via ARK Type One Deep Ventures Fund) and CoreWeave, Inc. ($5.0M).
- Realized losses noted on exits from OneValley, Inc. ($6.6M loss) and SPBRX, Inc. ($6.8M loss).
SuRo Capital Corp. filed an 8-K to announce its financial results for the fiscal quarter ended June 30, 2024. The filing serves as a formal announcement of the release of quarterly earnings via press release.
📋 Key Facts
- The company issued a press release on August 7, 2024, regarding financial results for the quarter ending June 30, 2024.
- The information provided under Item 2.02 is 'furnished' rather than 'filed', meaning it is not subject to the same liability standards as filed documents.
- The filing includes Exhibit 99.1 containing the press release.
SuRo Capital Corp. issued a press release providing preliminary estimates of its results for the quarter ended June 30, 2024, and an update on its investment portfolio.
🚩 Red Flags
- Preliminary NAV estimate of $6.70–$7.20 represents a potential decrease from the March 31, 2024 level of $7.17 (lower bound).
📋 Key Facts
- Estimated Net Asset Value (NAV) per share as of June 30, 2024: $6.70 to $7.20.
- Comparison NAV: March 31, 2024 was $7.17 per share; June 30, 2023 was $7.35 per share.
- Total shares outstanding as of June 30, 2024: 23,378,002.
- Portfolio composition: 39 portfolio companies (35 private, 4 public).
- New investments in Q2 2024 include $10.0 million in Canva, Inc. and $15.0 million in CW Opportunity 2 LP.
- Exited/redeemed positions including Architect Capital PayJoy SPV, LLC ($10.0M proceeds) and True Global Ventures 4 Plus Pte Ltd ($0.2M proceeds).
SuRo Capital Corp. held its 2024 annual meeting of stockholders on June 5, 2024. Stockholders approved the re-election of a director, executive compensation advisory votes, and the ratification of Marcum LLP as independent auditors.
📋 Key Facts
- Annual Meeting held on June 5, 2024.
- Leonard A. Potter was re-elected to the Board of Directors for a term expiring in 2027 (6,184,969 votes for).
- Advisory vote on named executive officer compensation was approved (5,834,478 votes for).
- Ratification of Marcum LLP as independent registered public accounting firm for FY ending Dec 31, 2024, was approved (15,415,773 votes for).
SuRo Capital Corp. filed an 8-K to announce its financial results for the fiscal quarter ended March 31, 2024. The filing serves as a formal announcement of the quarterly earnings press release.
📋 Key Facts
- The company released financial results for the fiscal quarter ending March 31, 2024.
- Results were announced via a press release dated May 8, 2024.
- Information was 'furnished' under Item 2.02 and not 'filed' for purposes of Section 18.
SuRo Capital Corp. released preliminary Q1 2024 financial estimates and an investment portfolio update. The company reported a significant decline in estimated Net Asset Value (NAV) per share compared to the previous year.
🚩 Red Flags
- Significant NAV erosion: Estimated Q1 2024 NAV ($6.90-$7.40) is lower than both the Dec 2023 ($7.99) and March 2023 ($7.59) levels.
- Realized loss on Nextdoor Holdings, Inc. sale.
📋 Key Facts
- Estimated NAV for March 31, 2024: $6.90 - $7.40 per share.
- December 31, 2023, Net Assets were approximately $203.4 million ($7.99 per share).
- March 31, 2023, Net Assets were approximately $215.0 million ($7.59 per share).
- New investment: $10.0 million in Series F-1 Preferred Shares of Supplying Demand, Inc. (Liquid Death) on Jan 18, 2024.
- Exited position in Nextdoor Holdings, Inc. with net proceeds of $0.2 million and a realized loss of $0.4 million.
- Portfolio consists of 38 companies: 35 privately held and 3 publicly held.
SuRo Capital Corp. issued a press release reminding stockholders of its ongoing modified 'Dutch Auction' tender offer for up to 2,000,000 shares of common stock.
📋 Key Facts
- Tender Offer commenced on February 20, 2024.
- The offer is scheduled to expire on April 1, 2024, at 5:00 p.m. ET.
- Company intends to purchase up to 2,000,000 shares of common stock.
- Price range for the Dutch Auction is between $4.00 and $5.00 per share in $0.10 increments.
- The tender offer is being funded using available cash.
SuRo Capital Corp. filed an 8-K to announce its financial results for the fiscal quarter and year ended December 31, 2023. The filing serves as a formal mechanism to furnish the earnings press release via Exhibit 99.1.
📋 Key Facts
- Reporting period: Fiscal quarter and year ended December 31, 2023.
- Filing date: March 13, 2024.
- The company issued a press release (Exhibit 99.1) containing financial results.
- Information under Item 2.02 is 'furnished' rather than 'filed' for purposes of Section 18.
SuRo Capital Corp. released preliminary estimates for its Q4 and full fiscal year 2023 results and provided an update on its investment portfolio. The company reported a projected Net Asset Value (NAV) per share between $7.85 and $8.35 as of December 31, 2023.
🚩 Red Flags
- NAV per share shows a slight downward trend from the September 2023 high of $8.41 to an estimated low of $7.85.
- Realized losses noted on exits: NewLake Capital Partners (-$0.7M) and Nextdoor Holdings (-$0.5M).
📋 Key Facts
- Estimated NAV per share for Dec 31, 2023: $7.85 - $8.35 (vs. $8.41 in Sept 2023).
- Total net assets were approximately $212 million as of Sept 30, 2023.
- The company holds positions in 38 portfolio companies (34 private, 4 public) as of Dec 31, 2023.
- New investments in Q4 included Colombier Sponsor II LLC ($1.6M), FourKites, Inc. ($2.7M), and Xgroup Holdings Limited ($0.3M).
- Significant exits/proceeds: Forge Global, Inc. yielded $5.2M in proceeds with a $3.9M realized gain.
- The company expects to announce full year 2023 results in March 2024.